Corn: September again ‘saved’ the new crop from generally favorable weather forecasts that had December post a new swing low and then recover on likely shortcovering. Monday night’s trade likely to be a barn burner if any significant changes in the forecasts.

Soybeans: September beans again take center stage after yesterday’s losses on renewed talk of tight supplies; new crop higher as weather more important for corn right now since August is the bean’s month. Happens every year. Also, like the corn, sellers were cautious to press the issue ‘just in case’ Sunday night’s weather had a significant bullish change of heart.

Wheat: Well, relatively modest gains. As corn pressure eased up and as beans popped sharply higher old crop, wheat saw light (apparent) shortcovering backgrounded by a very active global export realm this week. Led by China and followed by the rest of Asia.

Kleist Comments

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